The content below is the transcription of the Cash Flow Tools segment of Insightful Accountant's January 2023 QB Talks webinar on QuickBooks Enterprise 2023, which was presented by Esther Friedberg Karp. The video, which features the details of the new Cash Flow Tools for QuickBooks Enterprise 2023, is available in all Desktop 23 from Pro Plus to Premier Plus accountant.
Full transcript below
Our first enhancement grouping is cash flow tools, and the features that I've included in the cash flow tools grouping are the following, the cash flow hub, the bill and PO workflow approvals, the payment links dashboard, and contactless payments. Let's start the cash flow tools features with the cash flow.
This is available in all Desktop 23 from Pro Plus to Premier Plus accountant. All enterprise editions, it gives you a single dashboard picture of money in and money out. Money in is covered by tracking paid and incoming invoices, sales receipts, credit memos, payments, and more money out is covered by tracking paid and upcoming vendor bills.
And you can save time by consolidating multiple reports without manual comp, calculations. You can also connect more general ledger accounts to the cash flow hubs, such as loan accounts, and you can access it by selecting the company, Cash flow hub. I'll show you that in a sec.
It is a connected service and therefore it requires you to log in to your Intuit account, primary admin email associated with this company file. So let me show you, let's take a look at this, in product, you go to company Cashflow Hub like that. Now I've already called it up because it normally takes a while to pop up because it's chugging through a lot of information to display on this dashboard.
And yes, I've already signed into my Intuit ID for this company file. Now we can select manage accounts here to select or deselect the accounts that are going to be included. Let's change the date range on the cash flow trend graph to the last 12 months. Those are all the options you have. And on the money in and money out, I'm gonna change it to this year.
It's not more customizable than that. I kind of wish it were, come on you.
So we see the upcoming funds that we expect to flow in and flow out, and we can view these items in the money section. We can take action on upcoming invoices to send reminders or view and on paid invoices to record a deposit or view. And we can take a shortcut here to create an invoice and in the money out section.
For upcoming funds that we expect to flow out, we can choose to pay now or view, and we can take the shortcut here to create a bill. And we can also view various reports from the access points here on the money out and here on the money in and up here as well. You can get other, Quick links.
Our second feature in cash flow tools is the bill and PO workflow approvals feature. So Esther, before you move on to that, are we gonna have a polling question? Let's have Gary throw the poll about the cash flow hub.
Okay. And while he's doing that, I'll just tell everybody, this is Murph. And for those of you who don't know me, I don't know why, because I've been.
Since dirt was being invented, I've been using QuickBooks, well actually since QuickBooks ran on an Abacus. And so ,you know, I've been here a long, long time and I'm happy to be here with Esther today.
I'll tell you this cash flow hub thing is Intuit's replacement for the cash flow projector that we had for years.
And it doesn't quite do everything that it used to do, but I think they're improving it and working on it. And it's gonna ultimately do I think even more, I think it'll wind up competing with a lot of those cash flow projectors that you may use as apps now. Well, that would be great, since it's already organically in the product.
And I'm sorry, I didn't have a bios slide for you, Murph. Oh, that's all right. It wouldn't, it wouldn't have been nearly as funny as what I just said, folks. This is funny stuff. I ought to be in Vegas. You should be. Well, you were, and that's what I was afraid of. Is nobody using a cash flow hub yet? Not yet.
Well, you need to be at least. You know, checking it out folks. Agreed. Agreed. Okay. I'm gonna get cracking on our second feature in Cash Flow Tools, which is the bill and PO workflow approvals feature. This is available in Enterprise Desktop, enterprise Platinum, and Diamond subscriptions for 23 and Enterprise Accountant.
You can maintain business oversight and help reduce fraud with the ability to approve purchase orders and bills in a single dashboard, you can delegate accounts payable and purchase order tasks confidently with this bill and PO approval workflow and save time with easily customizable business templates for repeatable purchase orders and bill flow workflow approvals.
There is an ongoing tracking of approved transactions with automated audit trail details, including the approver name, creator details, and associated comments. There are also automated timely reminders to employees. So that they can take action before the approval deadline hits. Now the admin user needs to set up the approval templates and they are also a connected service, and therefore they require you to log in to your Intuit account with this company file.
All right, so this PO, this is a screenshot of a PO, was entered by another user. I set up a purchaser user that I'd set up in this company file. And then I, as the admin user, received this email. I could have set it up to be sent to another user for approval, not the admin user, such as a desktop user called Approver, that I've set up, as a secondary admin in terms of their Intuit ID emails, permissions that were set up for desktop.
This email alerted me that this PO was just created and waiting to be approved. It was also set up to send me a reminder email if it wasn't approved within seven days. Now I can change the number of days that it takes to send out that reminder email, but it won't send out a second reminder.
At least not at this point. The PO in question won't ever appear on the list of open purchase orders if it isn't approved. And then if nothing happens after 30 days, it would be automatically rejected. So let's go into enterprise. I am signed in as the admin user. Let's close the cash flow hub and the admin user needs to set up approvals by going to the company to set up approvals processes.
Now, We can set up only one template for PO approvals and one for bill approvals to be active at one time. So this feature, I believe, needs to be developed more. Now I can edit these. If I try to edit the PO template, it won't let me because I've got an outstanding PO pending approval. But let's go in to edit the bill.
And so I can show you that I've chosen it if the bill is greater than or equal to $5,000. And another condition is that the vendor is one of a number of vendors that I've checked off on the list and I can add more conditions. And I chose that the bill had to be approved by me, the admin, and send the email notification to me.
And if it's not approved within seven days, and I can change that number, it would send a reminder to the approver. What you don't see is the ability to change the 30 days. It's going to; it's going to die after 30 days. So, let me get out of this. So we, now let's go into company track and approve transactions.
And then what I'm gonna do is click on the reject. To see that there was a PO to the city of Bayshore, let's widen this column. There was a PO to the city of Bayshore that never got approved, and I can actually open it on the hyperlink to see that its approval status is rejected. And if I can click on the approval tab on the right here, and it shows its audit trail history.
Now I can also go into the company, track and approve transactions and then go into the pending section to see that PO that I created on January the 15th, to Timberloft Lumber. There it is. I can click on that hyperlink to open it and look at it, and I see that it's approval status is pending approval, and I can approve it or reject it within the 30 days from the action drop down here.
Also from that point, I'm gonna go back to it. I can click on the approval list in the top, main ribbon, and that also takes me back to the approval request page as well. Now, let's go back, let's look at that screenshot of the listing of the TimberLoft Lumber PO. That is pending approval. Remember we went into the company track and approved transactions to see this PO listed on the approval request page. In the pending section.
I could click on the hyperlink to see that the PO is pending approval, or I could click on the action dropdown to approve it or reject it. And if I take no action, it'll expire and get auto rejected after 30 days. So I've clicked on that hyperlink. This is what the PO for Timber Loft Lumber looks like now.
While the clock on that 30 days is ticking, it is pending approval at the present time and for any bill or PO that is pending approval, I'll say it again. You can click on the approval list icon in the main ribbon at the top. That takes you back to the approval request page where you can approve or reject it.
I'm trying to go back, there it is. But remember you have only 30 days to approve it or else it gets auto rejected and you can't bring it back to life and approve it after it's, it's croaked, and you can't change that 30 day limit. I'm going on payment links tracking.
Murph, do you have a polling question yet?
No. Okay, I'll keep going. So, our third Cashflow Tools feature is payment links tracking, and this is available in all of Desktop 23 Pro, Plus, Premier Plus Accountant, plus all Desktop Enterprise. As long as there's an active QuickBooks payments account, you can quickly collect payments for items that do not require an invoice by sending a payment link and you can view the status in the new payment links dashboard.
It's useful for collecting payments, for initial consultations, advanced deposits, and more without creating an invoice. And you get to it by going to customers' payment links. So just specify if you're open to being paid by credit card, by bank transfer, or both. You can easily monitor the status of your request and send reminders in the new payment links dashboard.
And you can either text or email customers a link to the request payment so that they can pay online. Our last cash flow tools feature is contactless payments. It's available again in all of Desktop 23 with an active QuickBooks payments account. QuickBooks Payments users can offer customers a choice of contactless payments via a single node reader.
And record the payments automatically in QuickBooks Desktop, as well as match them in the banking center. With this, you can accept Apple Pay, Google Pay, EMV, chip and debit and credit card payments. So in my humble opinion, Intuit's commitment to desktop enterprise, desktop and particular enterprise continues to grow.
They wouldn't invest, they just wouldn't invest this kind of time, effort, and money, let's face it, to enhance the features if they didn't. And as an avid user of desktop and as an Intuit shareholder, I am very happy to hear that. You can access the QuickBooks Enterprise in-Depth Guide for 2023 at this URL.
I'm going to, I guess they're getting the stack, so they'll get that URL if they don't wanna take a screenshot now and I wanna thank anybody and ask if they have any questions.